Question for the mortgage brokers or anyone else who could help

confusedprincess

post deleted

DVardysShadow

How much are your debts and how much is the inheritance? It seems more natural to me to pay off the debts and then start saving. You can put all the money which is going to debts at the moment to saving and probably feel much more positive about it.

It will take a while to clean up your credit record, but if you do as you propose, if you and your partner split, there will be nothing in your name apart from the debts

CloudCuckooLand

https://forums.moneysavingexpert.com/discussion/comment/35034349#Comment_35034349

Perhaps you and your partner need to talk to each other, when you're using the same account at different times, to ask the same question.

This months typist needs to check the benefits impact of the lump of money passing through her account and disappearing into the partners - google "deprivation of assets".

If the debts are only a couple of thou, as the other thread suggests, then pay them off. Its really silly to prolong poor credit history for such a small amount of money.

Until you can prove to yourself that you can avoid getting into debt again, for an decent period of time, I'd put the money in a decent interest earning account to rebuild the dent in the deposit that will come from paying off the debts. The more time that passes, the better you credit history will become.

Wh05apk

As FTB's most lenders would require proof of deposit, as soon as they saw the funds coming from you they would ask if you have any interest in the property, if yes, they would be unlikely to lend, if no, they would want to know if this is a gift or a loan, you would effectively have to sign away your rights.

As has been said, if you then split, your partner will have all the assets, you will still have the debts.

It could possibly be done, but I would urge against it, sort yourself out financially, then start looking, it may be depending how bad your credit is, and the LTV, you may be able to get a mortgage in joint names, suggest you speak to a broker.